Gambling has been expanding at a very fast rate, and one of the causes for this to happen is the multiple platforms where gambling takes place.
From brick-and-mortar casinos gambling took a huge step to online gambling, and while these two are still expanding, blockchain gambling is already being deployed, attracting even more players and revenue.
Gambling Psychology: The Simplifying Processes
The existence of these platforms explains a lot, but not everything, as digital gaming is also depending more and more on simplified processes, in a world where people have less and less time.
Simplified products and services that consume less time are a necessity.
The Future IS Today
The gambling industry is usually a step ahead of the other industries. This happened with online gambling, now with blockchain gambling (only time will tell), but the processes in the industry have also been changing, it’s not just a matter of adopting new platforms.
In a world where technology is everywhere, in every single aspect of our life – from wearables to smart applications, technology is acting as a driver for change of our behavior as consumers, in the way we interact with brands and services.
Today no one leaves home without their mobile phone, a gateway to a digital universe, in what is already called an attention economy. At the same time, all these new processes lead to digital decisions overload, which require a simplification of processes.
The online gambling industry has made a good job dealing with this digital overload, creating simple promotions and bonus communications that are easy to understand and appeal to the players. Or, at the same level, Bitcoin deposits that bring even more bonuses.
We are living in an age where we can only pay attention for 8 straight seconds in average, a value that decreased one third, from 12 seconds in the beginning of the 1990s.
Given the more and more limited attention that we do have, every pixel at an online gambling site has to be well considered.
Players need to have their job made easy, they don’t want to waste time, something that is proven by the increasing number of bet-slip abandonment rates, a natural concern for the gambling providers.
More, statistics exist saying that only 5% of the betting content leads to bets, so it’s of extreme importance to identify the 95% of irrelevant information.
Reducing The Offer; Preparing The Future
The gambling operators now face a dilemma: reduce their overwhelming gambling offer and focus on an amount of information the players can handle, or simply maintain a wider offer and hope that by doing it more bets are made.
Knowing what will keep the customer satisfaction high is not always easy, but the fact that this research is being done and solutions are being configured explains why gambling industry is having so much success.
In a world where everything moves at lightning speed, clicking and swiping have become common day tools to buy and sell, making everything disposable at the touch of our fingers. Digital gambling is adapting to behavioral economics, which is nothing more than the study of social, emotional and cognitive factors.
This insight is already basing our current gambling options and is certainly preparing the gambling industry for a bright future.